The cooperative can provide a direct loan of up to $10,000 to members of RCEC only

Loans can be made only to property owners of the property requiring weatherization

Loans may be provided to finance the cost of materials and labor for:

Caulking

Weatherstripping

Heat pump systems (including water source heat pumps) and water heaters, which reduce consumption of electricity (SEER rating of 14 is required.)

Heat pumps, water heaters and central heating or central air conditioning system replacements and modifications, which reduce oil and gas consumption except in those cases where the primary fuel for generating electricity is oil or gas

Ceiling, wall, floor, duct and pipe insulation, as well as water heater insulation

Storm and thermal windows and doors

Electric system coordinated, customer-owned devices that reduce the maximum kilowatt demand on system

Clock thermostats

Attic ventilation fans

Loans can be made for existing structures only and not for new construction.

Loans can include commercial and industrial buildings if owned and operated by the member/owner

Loans will be made only to members who have a good payment record with the cooperative, and a credit rating of good report

Loans of less than $3000 will be evaluated and processed by RCEC staff to determine credit reliability. Credit reliability will determine acceptance or rejection of those loans. Loans in excess of $3000 will require the approval of the entire Board of Trustees at their regular monthly meetings.

Payment by RCEC on the loan agreement will be made only at the completion of the project as described on the application

An inspection upon completion of the work performed under the application may be required. Disbursement of checks will be made at the conclusion of the inspection

RCEC will issue check payable to both the member and the contractor/supplier for materials and/or labor, except when proof of purchase or paid invoices are presented. In which case, the check will be made payable to the member

If the member installs the materials, the loan will be limited to the financing of materials only. No checks should be endorsed by the member until all work is completed and the borrower is completely satisfied with all materials and workmanship

RCEC reserves the right to bill the monthly payments as a part of the monthly electric bill or as a separate monthly billing

The contractor providing the weatherization work should provide bond and a written guarantee-warranty for both the products used and the workmanship involved

A mortgage on the property, or equivalent security will be required as security on each loan made

The cost of credit checks, filing fees, and other charges necessary for initiating the loan will be charged to the borrower at the time of application. This charge is $50.00

Maximum repayment on loans less than $2000 is 3 years, more than $2000 is 7 years, ground loop portion of heat pumps is 20 years at the annual percentage rage of 3% on each loan

Fire insurance and extended coverage will be required for the amount of each loan